McDonald’s has announced that the company has started the process of selling its Russian business to one of its Russian licensees.
According to the company, Alexander Govor has struck a deal to buy McDonald’s 850 Russian restaurants and operate them under a new brand. Govor currently operates 25 restaurants in Siberia.
Earlier this week, McDonald’s it was leaving the Russian market after more than 30 years due to the senseless war in Ukraine.
According to McDonalds, the sale agreement is subject to regulatory approval. It’s expected to be wrapped up within a few weeks. McDonald’s also says they will begin removing golden arches and signs with its name.
“We have a long history of establishing deep, local roots wherever the Arches shine,” McDonald’s CEO Chris Kempczinski said in a statement. “We’re exceptionally proud of the 62,000 employees who work in our restaurants, along with the hundreds of Russian suppliers who support our business, and our local franchisees. Their dedication and loyalty to McDonald’s make today’s announcement extremely difficult.
“However, we have a commitment to our global community and must remain steadfast in our values,” he added. “And our commitment to our values means that we can no longer keep the Arches shining there.”